Earnings Per Common Share

9 Months Ended

Sep. 30, 2011

NOTE 3: Earnings Per Common Share

Earnings per share are calculated utilizing the two-class method. Basic earnings per share are calculated by dividing the sum of distributed earnings to common shareholders and undistributed earnings allocated to common shareholders by the weighted average number of common shares outstanding. Diluted earnings per share are calculated by dividing the sum of distributed earnings to common shareholders and undistributed earnings allocated to common shareholders by the weighted average number of shares adjusted for the dilutive effect of common stock awards (outstanding stock options, unvested restricted stock, and outstanding stock warrants). Presented below are the calculations for basic and diluted earnings per common share.

		For the Three Months Ended				For the Nine Months Ended
		September 30,				September 30,
		2011		2010		2011		2010
		(In Thousands, except per share data)
Net income (loss)	$	41,339	$	14,304	$	98,574	$	(14,864)
Preferred stock dividends and discount accretion		(7,305)		(7,389)		(23,530)		(22,131)
Net income (loss) available to common equity	$	34,034	$	6,915	$	75,044	$	(36,995)
Common shareholder dividends		(1,734)		(1,730)		(5,200)		(5,188)
Unvested share-based payment awards		(11)		(8)		(31)		(22)
Undistributed earnings	$	32,289	$	5,177	$	69,813	$	(42,205)

Basic
Distributed earnings to common shareholders	$	1,734	$	1,730	$	5,200	$	5,188
Undistributed earnings to common shareholders		32,087		5,155		69,382		(42,205)
Total common shareholders earnings, basic	$	33,821	$	6,885	$	74,582	$	(37,017)

Diluted
Distributed earnings to common shareholders	$	1,734	$	1,730	$	5,200	$	5,188
Undistributed earnings to common shareholders		32,087		5,155		69,382		(42,205)
Total common shareholders earnings, diluted	$	33,821	$	6,885	$	74,582	$	(37,017)

Weighted average common shares outstanding		173,418		172,989		173,319		170,610
Effect of dilutive common stock awards		-		1		2		-
Diluted weighted average common shares outstanding		173,418		172,990		173,321		170,610

Basic earnings (loss) per common share	$	0.20	$	0.04	$	0.43	$	(0.22)
Diluted earnings (loss) per common share	$	0.20	$	0.04	$	0.43	$	(0.22)

Options to purchase approximately 7 million and 7 million shares were outstanding for the three and nine months ended ##D<CYPER>, respectively, but excluded from the calculation of diluted earnings per common share as the effect would have been anti-dilutive. Options to purchase approximately 7 million shares were outstanding for the three months ended ##D<PYPER>, but excluded from the calculation of diluted earnings per common share as the effect would have been anti-dilutive. As a result of the Corporation's reported net loss for the nine months ended ##D<PYPER>, all of the stock options outstanding were excluded from the computation of diluted earnings (loss) per common share.